Geothermal projects may reduce power costs
Households may be interested in the latest developments concerning geothermal projects in Australia which have the potential to impact electricity prices across the country.
As this type of project is likely to provide additional ways to source power, it could lead to the reduction of electricity costs in the future.
Minister for resources and energy Martin Ferguson outlined details of the project worth $1.25 million in an announcement on Monday (September 17).
It is part of the Emerging Renewables Program to the South Australian Centre for Geothermal Energy Research at the University of Adelaide.
The aim of the initiative is to create a better understanding of geothermal drilling wells.
"Understanding permeability, or the ability of a rock to allow fluids to pass through it, is essential to predict the potential for geothermal energy generation from hot water that is circulating deep underground, known as hot sedimentary aquifers," Mr Ferguson said.
"If we can predict well permeability more accurately companies can better determine exploration and production sites, leading to lower costs and risks in the geothermal industry."
The project will be conducted in conjunction with the University of Adelaide.
This will include a scientific analysis of the two existing geothermal wells drilled in hot sedimentary aquifers which are located in the Cooper-Eromanga Basin covering the north-east of South Australia and south west Queensland and the Otway Basin in Southern Victoria and South Australia.
“I am pleased to see the collaboration across research institutions, government and industry to deliver this project,” Mr Ferguson said.
This development may spur further investment in green energy sources and could provide possibilities to reduce electricity prices in the future.